Modification offers based on % of Gross income?

Home Forums Homesave Program Modification offers based on % of Gross income?

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  • #480
    chriso
    Participant

    Hi again Tim, I hate to keep asking the same questions again and again from all sides of the issue, but I keep hoping it will eventually penetrate the fog I have in my brain over such things.

    From what I’ve been reading, and from what I was told earlier before you and I last spoke, everyone said I should expect an offer of that 38 to 40% of my gross… then you and I spoke of my businees losses and continuing obligations… seeing as how my present ongoing monthly payments rellated to this business failure total ~2500.00 is it feasible their offer will be 40% of my gross, reduced by this ~2500 amount each month? I know I’m getting the cart in front of the horse here, but am still trying to understand what their thinking process is regarding a situation like ours where we are trying to make sure everyone who took a chance on us gets paid… not just our home mortgage. Thanks, sorry for tying up so much of your time. Chris

    #513
    TTrumble
    Member

    Hello chriso,

    You’re actually over-thinking this a bit. The servicer will typically try to solve for a payment that matches a certain percentage of the gross income, as determined by the investor on the loan. That percentage will vary with different investors. Our objective is to show that your efforts to pay back the business debt result in you not having enough cash left over each month to make the mortgage payment that would result from the standard percentage figure. By doing so, we can then steer them toward finding an alternative solution for you within your current affordability. This is why you need to show the repayment of the business debt in as much detail as possible.

    It’s not rocket science, just common sense.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #554
    chriso
    Participant

    I always love it when the Astropyhsicist tells me somethings not “rocket science”!

    By the way, I see they extended our sale date for 3 1/2 months this time… that seems like a positive thing too? Thanks again for all your help Tim.

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